Sweden GDP Q2 2018

According to preliminary figures released by Statistics Sweden on 30 July, the economy expanded a notable 1.0% over the previous quarter in seasonally-adjusted terms, up from Q1’s revised 0.8% figure (previously reported: +0.7% quarter-on-quarter) and double market expectations. Growth clocked 3.3% in working-day adjusted year-on-year terms, matching the prior quarter’s figure. However, the Q2 figures are likely to be revised down in the coming months, as sequential data for the quarter—from the services PMI, the manufacturing PMI and the Economic Tendency Survey—had not pointed to such a strong outturn.

The external sector strengthened in the second quarter. Exports of goods and services were up 0.5% (Q1: -0.2% qoq), likely supported by solid activity in regional trading partners, while imports dipped 0.1% (Q1: +0.6% qoq). As a result, the external sector contributed 0.3 percentage points to growth, following a 0.4 percentage-point subtraction in the first quarter.

Total industrial production, excluding energy, increased a seasonally-adjusted 0.2% in June over the previous month, down from May’s revised 3.8% expansion (previously reported: 1.8% month-on-month), according to Statistics Sweden (SCB).

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